Invesco QQQ (NASDAQ:QQQ) Trading Down 0.4% - Here's Why

Invesco QQQ (NASDAQ:QQQ - Get Free Report) shares dropped 0.4% during trading on Thursday . The company traded as low as $526.02 and last traded at $527.95. Approximately 6,508,965 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 37,164,410 shares. The stock had previously closed at $529.92.

Invesco QQQ Stock Down 0.6 %

The business has a 50 day moving average of $502.02 and a two-hundred day moving average of $482.98.

Invesco QQQ Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 23rd were issued a dividend of $0.677 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date was Monday, September 23rd.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in QQQ. Mechanics Financial Corp acquired a new stake in shares of Invesco QQQ in the second quarter valued at approximately $30,000. Legacy Bridge LLC lifted its position in shares of Invesco QQQ by 60.0% during the 3rd quarter. Legacy Bridge LLC now owns 120 shares of the exchange traded fund's stock valued at $59,000 after acquiring an additional 45 shares during the period. BNP Paribas acquired a new stake in shares of Invesco QQQ during the 3rd quarter worth $62,000. CarsonAllaria Wealth Management Ltd. grew its holdings in shares of Invesco QQQ by 27.2% during the 2nd quarter. CarsonAllaria Wealth Management Ltd. now owns 131 shares of the exchange traded fund's stock worth $63,000 after purchasing an additional 28 shares in the last quarter. Finally, Bray Capital Advisors increased its position in shares of Invesco QQQ by 78.0% in the second quarter. Bray Capital Advisors now owns 146 shares of the exchange traded fund's stock worth $70,000 after purchasing an additional 64 shares during the period. Institutional investors own 44.58% of the company's stock.

About Invesco QQQ

PowerShares QQQ Trust, Series 1 is a unit investment trust that issues securities called Nasdaq-100 Index Tracking Stock. The Trust's investment objective is to provide investment results that generally correspond to the price and yield performance of the Nasdaq-100 Index. The Trust provides investors with the opportunity to purchase units of beneficial interest in the Trust representing proportionate undivided interests in the portfolio of securities held by the Trust, which consists of substantially all of the securities, in substantially the same weighting, as the component securities of the Nasdaq-100 Index.